Whitehawk Therapeutics Raises $87.5M in Private Placement to Fund ADC Pipeline
Whitehawk Therapeutics has secured $87.5 million through a PIPE financing by selling 4.33 million common shares at $3.92 each and pre-funded warrants for 17.99 million shares at $3.9199. The net proceeds will fund ADC pipeline development and extend its cash runway into H2 2028.
1. Financing Details
Whitehawk entered a securities purchase agreement for a PIPE financing expected to yield $87.5 million in gross proceeds by selling 4,330,866 common shares at $3.92 and pre-funded warrants for 17,991,021 shares at $3.9199 each, with warrants exercisable at $0.0001 per share. The closing is scheduled for May 14, 2026, subject to customary conditions.
2. Use of Proceeds and Runway Extension
The company plans to deploy net proceeds alongside existing cash and marketable securities for working capital, general corporate needs and to advance its antibody drug conjugate (ADC) pipeline. This financing, combined with current resources, is projected to extend its cash runway into the second half of 2028.
3. Investor Participation and Strategic Implications
Existing investors including Avoro Capital, QVT, Coastlands Capital, KVP Capital, ADAR1 Capital Management, Acuta Capital Partners, StemPoint Capital LP and Invus participated in the transaction, alongside company executives. The strong institutional support underscores confidence in Whitehawk’s ADC portfolio and development strategy.